Just noticed that it takes < 20 secs to create a bargaining rule that empowers our chatbot to negotiate prices with customers at scale.
Most customers don't likes the price they see on your site.
Imagine how many sales you could recover by letting them negotiate a small discount.
But then an idea stuck me:
What if every customer got a different price?
I could mark the price up by 20% first, and allow them to bargain down to the original price.
Those okay with the markup buy directly, and those who aren't can negotiate a discount.
Assume there are 3 types of customers:
Type A thinks the price is low, would buy at a 20% markup.
Type B finds the price fair; half of them would buy at current price, the other half would buy at 5-10% discount.
Type C thinks the price is a rip-off, won't buy at all.
Now, this is tough because:
If I raise the price:
1) More profit on Type A customers
2) Less conversions on Type B customers
If I lower the price:
1) Less profit on Type A customers
2) More conversions on Type B customers